SAN FRANCISCO, CA, June 23, 2021 (GLOBE NEWSWIRE) -- Fundbox, the AI-driven financial platform for small businesses, announced today that it has been selected as the winner of “Best Decision Management Company” in the fourth annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products leveraging AI in the market today.
Fundbox’s AI-powered platform provides access to financial tools that enable small business owners to cover business-critical operating expenses. Instead of SMBs waiting weeks to find out whether they’ve been approved for a loan, Fundbox can deliver a decision within minutes, with as soon as next-day access to capital. Their AI drives better, faster decisions – from application to underwriting and decisioning, Fundbox’s process is fully automated, and 99% of the time there is no human intervention, enabling them to serve customers at scale at a lower cost.
“Our company is on a mission to unlock growth for small businesses by providing fast and easy access to financial tools. AI has been core to our approach, allowing us to scale quickly through automation while increasing access to capital through superior predictions and credit decisions,” said Prashant Fuloria, CEO of Fundbox. “With this unbeatable advantage, we look forward to solving even more financial pain points for small businesses in innovative ways. Thank you to AI Breakthrough for this exciting recognition.”
Fundbox has invested $100 million into its AI infrastructure, including its systems, people, and models, which continually improve and become more accurate with more data. The resulting technology has been integrated throughout the company, enabling Fundbox to make better decisions across the entire lifecycle of the customer, from identifying prospects to underwriting and ongoing assessment. Ultimately, the company’s AI platform drives a superior customer experience and better business outcomes.
“Financial services for small businesses have historically been ignored by traditional institutions and early fintech players. Fundbox is completely reinventing this sector through AI to deliver a digital-first financial platform for SMBs,” said James Johnson, managing director, AI Breakthrough. “Small businesses need financial tools to help them grow, and Fundbox is delivering an advanced AI-powered platform to deliver on this need. We offer our sincerest congratulations to the entire Fundbox team on winning our ‘Best Decision Management Company’ award.”
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work, and success in a range of AI and machine learning related categories, including AI platforms, Deep Learning, Smart Robotics, Business Intelligence, and more. This year’s program attracted more than 2,850 nominations from over 17 different countries throughout the world.
Fundbox’s performance during COVID-19 served as a testament to their AI approach, and enabled them to minimize delinquencies, maintain transaction activity, and acquire new customers. Since the company’s founding, Fundbox has connected with nearly 300,000 businesses and transacted over $2B in loans.
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About Fundbox
Fundbox is a financial platform for small businesses. The company is on a mission to unlock growth for small businesses by providing fast and easy access to financial tools and working capital solutions. Fundbox has connected with nearly 300,000 businesses, unlocked over $2B in working capital, and invested $100M into its AI platform, gaining deep insights into the small business ecosystem.
The company has received numerous awards including the prestigious Forbes Best Startup Employers and AI 50, Red Herring Top North American 250, CB Insights Fintech 250, and Fintech Breakthrough Awards. Founded in 2013, Fundbox currently has 200+ employees and offices in San Francisco, CA; Dallas, TX; and Tel Aviv, Israel.
About AI Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including AI Platforms, Robotics, Business Intelligence, AI Hardware, NLP, Vision, Biometrics and more. For more information visit AIBreakthroughAwards.com.